If China Supports Crypto, Where Can Bitcoin's Price Go? - page 2.

Essential10

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Quote from: Ricardo11 on April 16, 2024, 09:54:28 AM

China has banned cryptocurrencies completely, they have taken a tough decision against Bitcoin. Now if China supports cryptocurrency, what could be the value of Bitcoin? We all know that China is an influential country. Other countries greatly support China.

Also, if an influential country or person supports Bitcoin or cryptocurrency, the value of Bitcoin will definitely increase. For example, when Elon Musk, the richest man in the world, announced that Tesla would accept Bitcoin as a means of payment from customers, Bitcoin's acceptance increased and its value increased to around $64K.

Currently China is a large population and influential country. If China supports something, other countries support that thing and that thing grows rapidly.

Is there any possibility that China will support cryptocurrency in the future? If supported, at what level can the price of Bitcoin go?

if I am wrong anyway, please correct me.

China is a large economically prosperous country and the second most populous country in the world. Although it is my opinion that if China accepts Bitcoin, the popularity of Bitcoin will increase. South Asia has the largest population in the world and China has built an alliance to business in those regions an export-import process. Chinese products are also used in almost all countries of the world. By facilitating Bitcoin transactions in this commercial area, Bitcoin will gain a lot of usage and popularity. I don't know if the Chinese government will accept Bitcoin in the future or not. However, if the Chinese government had accepted Bitcoin at this time, then the price of Bitcoin would have risen more, maybe it would have gone above $90k.

Porfirii

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Quote from: crwth on April 16, 2024, 02:10:02 PM

I remember the times that Bitcoin died multiple times during its existence. Isn't it that they killed it there or something? Maybe they will do that once they see more exposure. I know there are a lot of Chinese miners right? Maybe they are making ways to utilize cryptocurrencies.

You are right, I remember 2017's "China Ban" and the many memes that flooded Twitter back then about the so many times Bitcoin had been killed before. Article in Forbes.

Ironically, it happened just before the bull run and new ATH, so those who panic sold their Bitcoins regretted it later. Anyway, as others said, the ban wasn't about hodling so afaik China never completely banned Bitcoin.

Answering to your question, if China fully supported Bitcoin I don't think that it would be something positive per se, because it would almost definitely mean that it wouldn't be pseudonymous anymore.

Kamasylvia

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If China were to support the crypto market, it could have a significant impact on Bitcoin's price. China is home to a large population and has a sizeable influence on global economic markets.

Support from China could potentially result in a surge in demand for Bitcoin and other cryptocurrencies. This increased demand, coupled with limited supply due to the fixed supply of Bitcoin, could potentially drive up its price.

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davis196

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I'm not familiar with the current state of Bitcoin/crypto in China, but there are several things you should take into consideration.
1.If China becomes aggressively "pro-crypto", the USA/western world could become more anti-crypto and ban cryptocurrencies(or impose heavy regulations). Even if China "supports" Bitcoin, this might be neutralized by the USA/European Union banning Bitcoin.
2.Do you remember several years ago, when China had the biggest concentration of crypto miners in the world? Do you remember all the FUD, that was coming from China? We don't need this sh*t again. Maybe it's better for the crypto world to have a China, that isn't crypto-friendly.
3.The Chinese government and central bank will never support Bitcoin. They will support their "digital yuan" CBDC.

Kelward

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Quote from: kryptqnick on April 16, 2024, 10:36:16 AM

But I don't think that will actually happen because China is all about control, and Bitcoin is about freedom.

I understand that China, has not totally banned cryptocurrency, it's only mining that is illegal in that country, although I'm not familiar with the laws regarding their crypto usage, I however agree that if there's a total adoption and liberty to use Bitcoin, it'll make impact. China, has the population to drive Bitcoin adoption to the next level, it can also make the demand to become higher which will make price to increase. But there's a clause to Bitcoin massive adoption in China, because as you've noted, they're more of a secretive and controlled economy, which is a total opposite of what Bitcoin represents, decentralization and freedom.

2Pizza410000BTC

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Quote from: Ricardo11 on April 16, 2024, 09:54:28 AM

China has banned cryptocurrencies completely, they have taken a tough decision against Bitcoin. Now if China supports cryptocurrency, what could be the value of Bitcoin? We all know that China is an influential country. Other countries greatly support China.

Also, if an influential country or person supports Bitcoin or cryptocurrency, the value of Bitcoin will definitely increase. For example, when Elon Musk, the richest man in the world, announced that Tesla would accept Bitcoin as a means of payment from customers, Bitcoin's acceptance increased and its value increased to around $64K.

Currently China is a large population and influential country. If China supports something, other countries support that thing and that thing grows rapidly.

Is there any possibility that China will support cryptocurrency in the future? If supported, at what level can the price of Bitcoin go?

if I am wrong anyway, please correct me.

Not only in terms of money, but also in terms of population and other forces, China is one of the most powerful countries in the world. We heard that once the Chinese government accepted Bitcoin, Bitcoin rose quite well, but after it was accepted, they banned Bitcoin again, causing Bitcoin to be dumped a lot. But if the Chinese government accepts Bitcoin as legal tender again in their country, I think Bitcoin will go up a lot. But in the future the Chinese government may accept cryptocurrencies because they got a taste of Bitcoin by accepting Bitcoin. I hope China will accept Bitcoin for sure. Right now, if the Chinese government accepts Bitcoin, the price could go from $80,000 to $90,000, that's my guess.

moneystery

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from what i know, china only bans crypto mining in their country, but they have never banned their citizens from being able to transact/trade crypto. maybe many people spread misleading news regarding the use of crypto in china, but so far it has never been banned there. because in reality there are 90 million people who use crypto there, and that is quite a large number globally.

but it is true that supporting crypto is quite difficult for a country as big as china, because after all, when a country supports the use of crypto, it will have implications for their economy and china is quite protective of their economy. therefore we may not see chinese government support for crypto, but that does not mean the use of crypto is prohibited there.

el kaka22

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I believe that we are going to end up with a lot of trouble if we are not careful about it. China being in the crypto world doesn't mean that it will be a great thing, it could be a good thing but it could be a terrible thing too. So, we need to be careful about it. I personally believe that we should keep China out of crypto world and we should probably consider that as not a good thing.

If we keep trusting China to do good by crypto then we are going to end up with nothing but disappointment. Sure, if they get in and like it for a while then the price will go up in every coin, but then we are going to end up with nothing good when they leave once again. So, it is better for them to stay out, than get in and get out.

skarais

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Quote from: Nrcewker on April 19, 2024, 09:35:59 AM

It’s officially banned, but I am sure many of the Chinese people are using Bitcoins. Thanks to the decentralised nature of the coin, for which they are able to use the coins without any other person’s notice. But yes if it is made legal then definitely it will help to boost the price of the coin. China has huge population, and many will show interest to invest in the coin if made legal. This will increase the demand to accumulate the Bitcoins, and we know when the demand increases, the price also goes up to fulfil the demand.

At first glance you seem to have missed posts #2 and #3 on the first page. China does not completely ban bitcoin or cryptocurrencies, but they do ban the mining industry. Personally I don't think people in China have been banned from using, investing and trading bitcoin and altcoins, but since the news of the mining ban broke then China doesn't seem as supportive of bitcoin and others.

If China legalizes bitcoin and lifts the ban on mining, then I can say the price of bitcoin will skyrocket. The news will be fundamentally positive which in turn will arouse the interest of many people to buy, trade and invest comfortably, but I am not sure when China will legalize and lift the ban.

Nrcewker

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It’s officially banned, but I am sure many of the Chinese people are using Bitcoins. Thanks to the decentralised nature of the coin, for which they are able to use the coins without any other person’s notice. But yes if it is made legal then definitely it will help to boost the price of the coin. China has huge population, and many will show interest to invest in the coin if made legal. This will increase the demand to accumulate the Bitcoins, and we know when the demand increases, the price also goes up to fulfil the demand.

Reid

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I don't think that's the case. Cryptocurrencies are available to them, heck, even memecoins are available and they can buy it from local cryptocurrency services.
It is what it is now because they didn't ban it. So do not expect and major pump or dump because there's really nothing to change unless they hype something up and let people know that they are buying a cryptocurrency nationwide.
Sometimes we are too pessimistic about the position of China in cryptocurrency but it could be that you are fed with wrong news which goal is to make them look bad.

btc_angela

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Quote from: fuguebtc on April 19, 2024, 05:41:37 AM

Quote from: Ludmilla_rose1995 on April 18, 2024, 07:34:44 PM

Quote from: Ricardo11 on April 16, 2024, 09:54:28 AM

China has banned cryptocurrencies completely, they have taken a tough decision against Bitcoin. Now if China supports cryptocurrency, what could be the value of Bitcoin? We all know that China is an influential country. Other countries greatly support China.

Also, if an influential country or person supports Bitcoin or cryptocurrency, the value of Bitcoin will definitely increase. For example, when Elon Musk, the richest man in the world, announced that Tesla would accept Bitcoin as a means of payment from customers, Bitcoin's acceptance increased and its value increased to around $64K.

Currently China is a large population and influential country. If China supports something, other countries support that thing and that thing grows rapidly.

Is there any possibility that China will support cryptocurrency in the future? If supported, at what level can the price of Bitcoin go?

if I am wrong anyway, please correct me.

China has never announced that it fully supports cryptocurrencies, but what they have done by creating a digital yuan CBDC has made it clear that China supports the development of cryptocurrencies

China once made the bitcoin market red with their policy of banning all bitcoin mining in China but the miners were smart, they just moved to a nearby area of China

However, the view that China can influence the Bitcoin market in a big way must be removed, their influence on cryptocurrencies, especially Bitcoin, is not large, even though they are a country with a strong economy

I know that we don't have much sympathy for countries that ban bitcoin , and China is one of them. But we should not deny their influence and impact on bitcoin . They once caused difficulties for the cryptocurrency market when they issued a ban on bitcoin mining, although bitcoin itself recovered after a while . But that means they have a significant impact on the market and if they change their mind and support the market it will bring huge impacts no less than what the US market brings .

Their influence was wane down throughout the years, if this is 2018, maybe we will believed that they have huge impact on the market. But when they ban mining and then attack Bitcoin itself like the debate on the mining's effect on the environment, enthusiast totally removed China as the main influencer. And we have seen some miners moving out as well and relocating even to US because of their hard stance.

So even if they make a U-turn today, it won't make any significant effects. The thing with Bitcoin enthusiast is that we won't forget what personalities or what countries in this case has done for the market, specially if it is very negative and once we forget them, that's it, no amount of news will change our stance for them.

fuguebtc

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Quote from: Ludmilla_rose1995 on April 18, 2024, 07:34:44 PM

Quote from: Ricardo11 on April 16, 2024, 09:54:28 AM

China has banned cryptocurrencies completely, they have taken a tough decision against Bitcoin. Now if China supports cryptocurrency, what could be the value of Bitcoin? We all know that China is an influential country. Other countries greatly support China.

Also, if an influential country or person supports Bitcoin or cryptocurrency, the value of Bitcoin will definitely increase. For example, when Elon Musk, the richest man in the world, announced that Tesla would accept Bitcoin as a means of payment from customers, Bitcoin's acceptance increased and its value increased to around $64K.

Currently China is a large population and influential country. If China supports something, other countries support that thing and that thing grows rapidly.

Is there any possibility that China will support cryptocurrency in the future? If supported, at what level can the price of Bitcoin go?

if I am wrong anyway, please correct me.

China has never announced that it fully supports cryptocurrencies, but what they have done by creating a digital yuan CBDC has made it clear that China supports the development of cryptocurrencies

China once made the bitcoin market red with their policy of banning all bitcoin mining in China but the miners were smart, they just moved to a nearby area of China

However, the view that China can influence the Bitcoin market in a big way must be removed, their influence on cryptocurrencies, especially Bitcoin, is not large, even though they are a country with a strong economy

I know that we don't have much sympathy for countries that ban bitcoin , and China is one of them. But we should not deny their influence and impact on bitcoin . They once caused difficulties for the cryptocurrency market when they issued a ban on bitcoin mining, although bitcoin itself recovered after a while . But that means they have a significant impact on the market and if they change their mind and support the market it will bring huge impacts no less than what the US market brings .

rodskee

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Quote from: Ricardo11 on April 16, 2024, 09:54:28 AM

China has banned cryptocurrencies completely, they have taken a tough decision against Bitcoin. Now if China supports cryptocurrency, what could be the value of Bitcoin? We all know that China is an influential country. Other countries greatly support China.

Also, if an influential country or person supports Bitcoin or cryptocurrency, the value of Bitcoin will definitely increase. For example, when Elon Musk, the richest man in the world, announced that Tesla would accept Bitcoin as a means of payment from customers, Bitcoin's acceptance increased and its value increased to around $64K.

Currently China is a large population and influential country. If China supports something, other countries support that thing and that thing grows rapidly.

Is there any possibility that China will support cryptocurrency in the future? If supported, at what level can the price of Bitcoin go?

if I am wrong anyway, please correct me.

Like what said by others Bitcoin and cryptocurrencies aren't completely banned in China but
the Mining of bitcoin is what they banned and yeah for this what are your main thoughts here?bitcoin
nd crypto are being used by their people so with that not sure what increase are you asking here.
because bitcoin is performing well even with this mining banning.

FinePoine0

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Quote from: Hallroom on April 18, 2024, 05:12:03 PM

Cryptocurrency is a system where when one dominant country boycotts, investors in neighboring countries automatically start selling bitcoins. And bitcoin prices drop directly and pressure unique small investors. Maybe this is a strategy of big whale investors because this way they start buying bitcoins by startling the investors.

Basically, the number of investors in large countries is high and whale investors are the only ones who ban Bitcoin and start buying when the price of Bitcoin falls. Bitcoin whales using this type of strategy will buy massive amounts of Bitcoin because the halving is so close. However, there is a high probability that Bitcoin price will move lower to a minimum of $59k. Already we are starting to reach the bull run. There will be a high probability that the price of Bitcoin will rise to the highest level.

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Quote from: Ricardo11 on April 16, 2024, 09:54:28 AM

China has banned cryptocurrencies completely, they have taken a tough decision against Bitcoin. Now if China supports cryptocurrency, what could be the value of Bitcoin? We all know that China is an influential country. Other countries greatly support China.

Also, if an influential country or person supports Bitcoin or cryptocurrency, the value of Bitcoin will definitely increase. For example, when Elon Musk, the richest man in the world, announced that Tesla would accept Bitcoin as a means of payment from customers, Bitcoin's acceptance increased and its value increased to around $64K.

Currently China is a large population and influential country. If China supports something, other countries support that thing and that thing grows rapidly.

Is there any possibility that China will support cryptocurrency in the future? If supported, at what level can the price of Bitcoin go?

if I am wrong anyway, please correct me.

China has never announced that it fully supports cryptocurrencies, but what they have done by creating a digital yuan CBDC has made it clear that China supports the development of cryptocurrencies

China once made the bitcoin market red with their policy of banning all bitcoin mining in China but the miners were smart, they just moved to a nearby area of China

However, the view that China can influence the Bitcoin market in a big way must be removed, their influence on cryptocurrencies, especially Bitcoin, is not large, even though they are a country with a strong economy

bestcoins1

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Quote from: Hallroom on April 18, 2024, 05:12:03 PM

Cryptocurrency is a system where when one dominant country boycotts, investors in neighboring countries automatically start selling bitcoins. And bitcoin prices drop directly and pressure unique small investors. Maybe this is a strategy of big whale investors because this way they start buying bitcoins by startling the investors.

What is a little surprising about this is that every time there is a price increase and price correction in Bitcoin, there is always news about a country like China which can somehow give rise to speculation on the Bitcoin price. Even though whale investors in that country can still invest like investors in other countries even if their own country doesn't support Bitcoin.

And I think whale investors are not stupid people when it comes to taking advantage of situations and conditions in order to still be able to gain profits in the way they do. Because it is not an obstacle for investors to continue investing in Bitcoin even though their country still does not support Bitcoin and things like this have actually happened very often in the past and are even still happening today even though some people may still not realize it.

Hallroom

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Cryptocurrency is a system where when one dominant country boycotts, investors in neighboring countries automatically start selling bitcoins. And bitcoin prices drop directly and pressure unique small investors. Maybe this is a strategy of big whale investors because this way they start buying bitcoins by startling the investors.

Onyeeze

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If China or Russia support cryptocurrency especially Bitcoin, bitcoin going to be as it is today because it has already gathered influence even without these two countries to accept Bitcoin I think that bitcoin will continue to flourish because almost all the country now have a known what is Bitcoin and they have abandoned good and face the Investment of Bitcoin because they have already noticed the impact of Bitcoin investment I promise both China and Russia one day they will accept a Bitcoin as a leader tender not only accepting Bitcoin but make a legal tender

Odusko

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Hongkong as a southern China region have approved bitcoin sport ETF which shows that China did not ban bitcoin but just a segment of it activities that got banned e.g, bitcoin mining and to that extent we have to question the validity of your assumptions that China ban bitcoin.
As per the price reaction if China approves bitcoin as a currency, the market will definitely show all t of positively reaction but even at that we can not assettain what price bitcoin will reach from such even so best we should not assume anything as at this moment.

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